Independent Price Reporting Agency, QC Intel

Quantum Commodity Intelligence

Independent Price Reporting Agency

QC Intel

We are an independent price reporting agency (PRA) providing price assessments, original news and trade data for the global energy transition markets.

Our mission is to bring greater transparency to these rapidly developing markets, powering transactions and helping the world to decarbonize as efficiently as possible.

Commodities

<ul><li>Crude oil futures were sliding lower on Friday following reports that US and Iranian officials were continuing talks on a deal to reopen the Strait of Hormuz, leaving Brent little changed on the week.</li><li>Nov26 ICE  Brent futures were 1.9% lower at  $104.62/b (2045 BST), while Nov26 NYMEX WTI was at  $92.62/b , down 2.1% versus Thursday's settle.</li><li>According to Reuters, US and Iranian negotiators in New York are discussing a phased path to end the near seven-month conflict that would see Tehran reopen the Strait of Hormuz in exchange for Washington lifting its economic blockade of Iran.</li></ul>

Crude oil futures were sliding lower on Friday following reports that US and Iranian officials were continuing talks on a deal to reopen the Strait of Hormuz, leaving Brent little changed on the week.Nov26 ICE  Brent futures were 1.9% lower at  $104.62/b (2045 BST), while Nov26 NYMEX WTI was at  $92.62/b , down 2.1% versus Thursday's settle.According to Reuters, US and Iranian negotiators in New York are discussing a phased path to end the near seven-month conflict that would see Tehran reopen the Strait of Hormuz in exchange for Washington lifting its economic blockade of Iran.

Oil futures: Crude retreats as talks to reopen Hormuz continue

Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

<ul>
<li>It would appear that our scenario in terms of a U.S.-Iran deal remains intact, i.e. “we will believe it when we see it.”    </li>
<li>President Trump has apparently rejected Iran’s “seven day” timeline for what essentially appears to be an effective reiteration of the original MOU, strongly supported  by the IRGC.              </li>
<li>President Trump also suggested, as anticipated, that a “re-escalation” of military strikes is possible, but his timeline, at least at this point, is after the midterms, but we shall see.             </li>
</ul>


It would appear that our scenario in terms of a U.S.-Iran deal remains intact, i.e. “we will believe it when we see it.”    
President Trump has apparently rejected Iran’s “seven day” timeline for what essentially appears to be an effective reiteration of the original MOU, strongly supported  by the IRGC.              
President Trump also suggested, as anticipated, that a “re-escalation” of military strikes is possible, but his timeline, at least at this point, is after the midterms, but we shall see.             


Monday Macro Update: War Scenario Remains On Track If the U.S. "Officially" Rejects Tehran's Plan

<ul><li>Crude oil futures continued to pull away from weekly lows on Thursday as initial optimism around renewed talks between the US and Iran receded, with little progress made.</li><li>Nov26 ICE Brent futures were 4.4% higher at  $107.56/b (2030 BST), having peaked at $106.50/b, while Nov26 NYMEX  WTI was at $95.47/b , up 3.6% versus Wednesday's settle.</li><li>Diplomatic hopes and improving supplies had been pressuring oil prices in the first half of the week, analysts said, with initial signs of progress in US-Iran negotiations and the partial restart of Saudi Arabia's East-West pipeline helping ease concerns over balances.</li></ul>

Crude oil futures continued to pull away from weekly lows on Thursday as initial optimism around renewed talks between the US and Iran receded, with little progress made.Nov26 ICE Brent futures were 4.4% higher at  $107.56/b (2030 BST), having peaked at $106.50/b, while Nov26 NYMEX  WTI was at $95.47/b , up 3.6% versus Wednesday's settle.Diplomatic hopes and improving supplies had been pressuring oil prices in the first half of the week, analysts said, with initial signs of progress in US-Iran negotiations and the partial restart of Saudi Arabia's East-West pipeline helping ease concerns over balances.

Oil futures: Crude extends rebound as diplomacy hopes fade

<ul>
<li>Our view of the U.S.-Iran conflict remains that in terms of a “deal,” we will believe it when we see it in tandem with the possibility of renewed military strikes.                  </li>
<li>In this context, we believed that once October NYMEX CL expired, we suggested support for the November contract at roughly $90.00-$92.00 per barrel.                                         </li>
<li>Thus far we have been effectively on the mark, but we fully concede there remains much uncertainty in either direction between now and the end of the year.          </li>
</ul>


Our view of the U.S.-Iran conflict remains that in terms of a “deal,” we will believe it when we see it in tandem with the possibility of renewed military strikes.                  
In this context, we believed that once October NYMEX CL expired, we suggested support for the November contract at roughly $90.00-$92.00 per barrel.                                         
Thus far we have been effectively on the mark, but we fully concede there remains much uncertainty in either direction between now and the end of the year.          


Morning Market Notes: Our Fourth Quarter Scenario for the U.S.-Iran Conflict Remains Intact Thus Far

<ul><li>Crude oil futures rebounded strongly on Wednesday to halt the week-long losing streak, with investors unconvinced that the US and Iran are nearing a deal to end the war.</li><li>Nov26 ICE Brent futures were 4.5% higher at  $103.69/b (2038 BST), halting a run of five straight losses, while Nov26 NYMEX WTI was at $92.73/b , up 2.4% versus Tuesday's settle.</li><li>The higher prices came after Tuesday's high-level talks led by White House Middle East envoys Steve Witkoff and Jared Kushner, while Foreign Minister Abbas Araghchi headed the Iranian delegation.</li></ul>

Crude oil futures rebounded strongly on Wednesday to halt the week-long losing streak, with investors unconvinced that the US and Iran are nearing a deal to end the war.Nov26 ICE Brent futures were 4.5% higher at  $103.69/b (2038 BST), halting a run of five straight losses, while Nov26 NYMEX WTI was at $92.73/b , up 2.4% versus Tuesday's settle.The higher prices came after Tuesday's high-level talks led by White House Middle East envoys Steve Witkoff and Jared Kushner, while Foreign Minister Abbas Araghchi headed the Iranian delegation.

Oil futures: Crude rebounds after run of losses, US-Iran talks eyed

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

Oil futures: Crude retreats as talks to reopen Hormuz continue

Crude oil futures were sliding lower following reports that US and Iranian officials were continuing talks on a deal to reopen the Strait of Hormuz...

Quantum Commodity Intelligence

Monday Macro Update: War Scenario Remains On Track If the U.S. "Officially" Rejects Tehran's Plan

If President Trump "officially" rejects the latest plan from Tehran, our wartime scenario would remain fully on track, with a likely resumption of...

William H Brown III

Oil futures: Crude extends rebound as diplomacy hopes fade

Crude oil futures continued to pull away from weekly lows Thursday as initial optimism around renewed talks between the US and Iran receded...

Quantum Commodity Intelligence

Morning Market Notes: Our Fourth Quarter Scenario for the U.S.-Iran Conflict Remains Intact Thus Far

Our fourth quarter scenario remains unchanged: we will believe a U.S.-Iran deal when we see it, and the risk of a major U.S. military strike remains.

William H Brown III

Oil futures: Crude rebounds after run of losses, US-Iran talks eyed

Crude oil futures rebounded to halt the week-long losing streak, with investors yet to be convinced that the US and Iran are nearing a deal...

Quantum Commodity Intelligence

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